Coventry bagged 15% of mutual lending last year
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Coventry Building Society carried out 15% of all new mortgage lending by building societies in 2009 compared with just 8% in 2008, its annual results reveal.
Although Coventry’s gross lending in 2009 dropped from £3.1bn in 2008 to £2.7bn, overall it managed to boost its share of gross mortgage
lending by mutuals.
Societies’ total gross lending declined from £37.5bn in 2008 to £18.6bn last year. Coventry reported a pre-tax profit of £56.2m for last year compared with a £26.4m profit in 2008.
It also saw a record operating profit before impairments and exceptional items of £75m compared with £71.7m in 2008.
David Stewart, chief executive of Coventry, says: “Our society’s main strength lies in its ability to operate with a simple business model that
does not involve increased levels of risk.
“This has meant that we have avoided the pitfalls that have limited the lending figures of some of our competitors.”
